CME Live Cattle lost 82.5 cents and now trades at $155.68, following an impressive jump to $156.5 yesterday — a significant recent high.
Retail Sales data from United States will be released today at 13:30 UTC with analysts expecting a decline to -0.1%. Potentially significant price fluctuations in Live Cattle are expected to follow.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -3.60 million with a reading of 10.23 million.
Amid the market gloom, United States Interest Rate released yesterday at 19:00 UTC with a figure of 4.5, while the previous figure was four. United States Interest Rate Projection – 1st Yr (Q4) came out at 5.1.
Trend-focused traders would be interested to note that investors are seeking long positions as Live Cattle price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Live Cattle's upper Bollinger Band® is at $156.7 which indicates a further downward move may follow. Technical analysis of Live Cattle's past price action reveals multiple support and resistance levels: Live Cattle could begin to recover as it approaches significant support, now 34 cents away from $155.33. Dipping below could be an indication that further losses are ahead.
Notwithstanding the Livestock future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Taking a look at other Meats commodities, negative performances are evident as Feeder Cattle is trading around $183.35 (down 87.5 cents).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 1.3%. United States Core Retail Sales projected to come out at 0.2% — worse than previous data of 1.3%; data will be released today at 13:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Dec) is expected today at 13:30 UTC. United States Initial Jobless Claims is expected today at 13:30 UTC.
The commodity has been trending positively for about 6 months. Live Cattle now trading 8.41% above its 3-month low of $130.6.